Molson Coors
Third-quarter profit rose 37 percent as consumers bought less of the company’s beer but paid higher prices for it. The brewing giant said it generally raised prices across its major markets but discounted some prices to compete, which some analysts took as a sign that the higher prices might not be sticking. It also credited better cost controls for the increase in profit.
The maker of Coors Light said it earned $235.3 million, or $1.26 a share, in the three months that ended in September. Net sales fell 7.3 percent to $853.7 million in the quarter. Excluding one-time items, the company earned $1.14 a share. Analysts predicted the company would earn 98 cents a share on revenue of $837 million.
Comcast
The cable provider reported a 22 percent increase in third-quarter earnings, buoyed by an investment gain and a lower tax rate as it stepped up promotions on its bundled video, phone and Internet plans.
In the third quarter, Comcast earned $944 million, or 33 cents per share, compared with $771 million, or 26 cents per share, in the same quarter a year earlier. Revenue rose 3 percent to $8.8 billion. Analysts were expecting earnings of 25 cents per share, according to Thomson Reuters.
Cisco Systems
Chief executive John Chambers said Wed nesday that the company’s latest quarterly numbers reinforce his observation that recession-dampened orders are improving after passing a summer “tipping point.”
Net income for the world’s No. 1 maker of computer-networking gear dropped 19 percent, and sales fell 13 percent but still topped Wall Street’s forecasts. Cisco said net income was down 19 percent from the year-ago period to $1.8 billion, or 30 cents per share. Revenue dropped 13 percent to $9 billion.
Whole Foods
Business has officially turned the corner as sales and profit grew in the fourth quarter, the organic grocer said. Whole Foods was hard hit by the recession as consumers cut back on their spending and focused on more value-oriented stores.
The company reported it earned $28.7 million, or 20 cents per share, for the quarter. Total sales grew more than 2 percent to $1.8 billion. The earnings beat expectations of 18 cents per share, according to a Thomson Reuters poll.
GMAC
The auto and mortgage lender negotiating a third round of government aid reported a third-quarter loss tied to mortgage defaults.
The net loss from continuing operations was $671 million, compared with $2.5 billion a year earlier, Detroit- based GMAC said.
